100% success rate at latest Auckland apartment auction

Property

A wide range of apartments found new owners at the latest apartment auctions

23rd Feb 17, 4:34pm by Greg Ninness

Ray White City Apartments had a 100% success rate at their Auckland apartment auction this week, with five apartments on offer and all attracting multiple bids and selling under the hammer.

It was one of those auctions that had a bit of something for everyone, with a studio leased to the hotel in the Spencer on Byron in Takapuna selling for $300,000, a one bedroom apartment in the Zest complex on Nelson St, long an investor staple, which went for $265,000, and a one bedroom unit in the low rise Marina Park complex on Fanshawe St that fetched $498,050.

Down at Barfoot & Thompson's Thursday morning auction at their Shortland St room, the usual mix of commercial properties and apartments were on offer.

These included two CBD apartments, another on the CBD fringe and two suburban home units.

An apartment in the Chatham building overlooking Myers Park only attracted a single bid, but it was above the reserve and sold without any further bids being made. And an apartment in Eden Terrace and another on Fanshawe St were both passed when they didn't receive any bids, but the two suburban units both sold under the hammer with particularly competitive bidding for a three bedroom unit in Onehunga.

The full results of both auctions, with the prices achieved on the properties that sold and the details of those that didn't, are available on our Auctions/Sales Results page.

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28 Comments

by jh | 23rd Feb 17, 4:42pm 1487821321

The Nation is structured around the interests of property developers and new world order progressives.

by RickStrauss | 23rd Feb 17, 4:52pm 1487821937

>"a one bedroom unit in the low rise Marina Park complex on Fanshawe St that fetched $498,050."

Interesting. So Melbourne is currently a better deal on apartments, and with higher salaries.

by Wildcard | 23rd Feb 17, 6:00pm 1487826028

That's mental. Roughly $550 a week in home loan payments! The buyer must be either A) a money launderer or B) a foreign buyer.

by Smalltown | 23rd Feb 17, 6:58pm 1487829528

The US has penetrated secret Swiss Banking so NZ property has become the subsitute.
National know it, we all know it but the housing Ponzi must be fed.

by moa man | 23rd Feb 17, 7:15pm 1487830554

$550 doesn't even buy a decent lunch.

by OnwardsUpwards | 23rd Feb 17, 9:32pm 1487838744

$550 per week works out to less than $4 per hour. Still cheaper than parking in Wellington CBD. Stop moaning.

by RickStrauss | 24th Feb 17, 9:30am 1487881855

When did housing affordability start being measured by the cost of parking in Wellington?

You know there are actual measures of affordability that relate to incomes, right? And that these are comparable across different cities?

*facepalm*

by rastus1 | 24th Feb 17, 9:35am 1487882102

I guess the cost of parking is relevant if you need to sleep in your car.

by OnwardsUpwards | 24th Feb 17, 1:08pm 1487894914

Bingo!

by RickStrauss | 24th Feb 17, 1:31pm 1487896264

Hooray, National does have a solution for the housing crisis after all!

by Narrabeen Boy | 23rd Feb 17, 5:40pm 1487824826

oh oh

by CJ099 | 23rd Feb 17, 7:42pm 1487832166

Huumm.. Five apartments sold that will make a real dint in the number of property listings. TradeMe currently has 10342 property listings. I think that's 100 more than yesterday.

by Double-GZ | 23rd Feb 17, 9:35pm 1487838941

Sales report in DGZ! Just went out for a walk around the neighborhood after dinner today and saw SOLD signs left right and centre. Here are the three that I have observed this evening (I believe the sold signs only went up in the last day or two):

44 Shore Rd - I'm guessing it went for around $2m
http://www.nzsothebysrealty.com/purchasing/property/NZE10694/44-shore-r…

178 Victoria Ave - I'm guessing around $2.5m
https://www.barfoot.co.nz/585310

640 Remuera Rd - I'm guessing around $3.5m
https://www.bayleys.co.nz/Listing/Auckland/Auckland/Remuera/1750968

by CJ099 | 23rd Feb 17, 10:08pm 1487840890

Well I'm sure most of the FTB's haven't realise whats going on yet but sadly I think they're shy of a few million to be able to afford the million+ bracket.

by Leverageup | 24th Feb 17, 8:42am 1487878924

178 Shore went for 2.97m.. ridiculous.

by Double-GZ | 24th Feb 17, 9:18am 1487881127

O.M.Goodness DGZ house prices are going bananas!

by JJS | 24th Feb 17, 12:40pm 1487893246

640 Remuera Rd had been on the market since October. I've been watching it and the vendors looked like they were getting desperate. I wouldn't be surprised if they got RV or less

by Double-GZ | 24th Feb 17, 1:04pm 1487894643

No. I rang up today and was told that it went for upwards of $3.5m.

by keywest | 24th Feb 17, 12:54pm 1487894044

That Vicky ave one would have gone for more I reckon...

by Double-GZ | 24th Feb 17, 1:02pm 1487894568

Yes it did. It went for $2.97m.

by Crazy Horse | 24th Feb 17, 10:08am 1487884111

CJ099 .......I am just picturing that quiet conversation 7pm on a sweaty, humid Auckland Thursday night.....

The RE agent pulls up in some new Merc, that hasn't been washed for months and is greeted at the door by an anxious middle aged couple,who bought the BS from some seminar, 2 years ago that property will ALWAYS be the way to an early retirement .....

Now realising that the capital gains have gone, these enlightened people now want out of the market, on that 3 bdm Takanini sh*tbox that was sold to them by some RE agent that is now snorkelling in Fiji ....

The RE agent cautiously but firmly suggests "Well, folks lets get this property listed and grab this capital gain before the "sheeple" wake up and realise the "true" value of your investment property .... "

The anxious owners reply with a quivering voice "Right how soon can we have it listed? "

......and there you have it people, that is what will be happening now, and the real reason why Trade Me listings are increasing so much.

by CJ099 | 24th Feb 17, 10:33am 1487885599

Yep I'm with you on that Crazy Horse, though I think the RE's are going to get a rude awakening soon. High time for them to drop their outrageous rates 1% commission should be good enough for what they do.

by Crazy Horse | 24th Feb 17, 9:51am 1487883063

Here is something in that property advertorial rag today - the NZ Herald

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=118…

Point No. 5 was particurlarly apt for for DGZ, the man 2 and all the other property bulls ....

"5. The bubble dweller

People like to be proved right, and so seek out information that supports their theories. This is called "confirmation bias". An investor will make a decision and then find information that backs it up.

The "echo chamber" has been written about a lot recently, with widespread shock at the results of the EU referendum and the American presidential election being blamed on people inhabiting "bubbles" with others who share the same views.

Anthony Rayner, a fund manager at Miton, the asset management firm, said: "Confirmation bias is becoming increasingly important as technology dominates media and as politics becomes more divisive."

Social media platforms such as Twitter and Facebook are making it harder to escape this bubble, Mr Rayner argued.

"Much of this content gives the user the illusion of being informed but, partly through the power of confirmation bias, it's largely false confidence," he said."

by nymad | 24th Feb 17, 10:18am 1487884733

Very apt.
I especially like watching (in all situations, not just our daily property bagging) how the validation points become more and more abstract as the proverbial rises.

by moneyphobe | 24th Feb 17, 10:17am 1487884636

Proof we are not in a bubble http://www.trademe.co.nz/property/residential-property-for-sale/auction…
ONLY half a million for a crap shack with $110,000 deposit and $580 a week mortgage payments
Who could resist living in Auckland...

by Conrad | 25th Feb 17, 6:56am 1487959006

Does it come with the car wheels as well?

"Listed: Wed 30 Nov," - no buyer in three months, maybe the vendor should have another look at their pricing?

by PocketAces | 25th Feb 17, 9:08am 1487966893

There is, at the end of the day, only one reason something will not sell, and it is price being demanded. There is a buyer for everything, at the right price.

by ian64 | 24th Feb 17, 2:13pm 1487898819

HS! I thought it was a parody ad!